Neurostimulation device market: projected CAGR of 13% from 2023 to 2032

The global neurostimulation device market is witnessing significant growth, driven by advancements in technology and increasing incidence of neurological disorders. The market size is projected to grow from $11.1 billion in 2022 to $36.5 billion by 2032, at a compound annual growth rate (CAGR) of 13% over the forecast period of 2023-2032.

Several factors contribute to the strong development of this market. First, the increasing prevalence of chronic pain, Parkinson’s disease, epilepsy and other neurological conditions significantly increases the need for neurostimulation devices. Technological advances such as the integration of artificial intelligence (AI) and the Internet of Things (IoT) in these devices increase their functionality, enabling continuous patient monitoring and personalized treatment plans. Additionally, the development of minimally invasive procedures such as spinal cord stimulation (SCS) and deep brain stimulation (DBS) has made these treatments more attractive due to shorter recovery times and lower risks compared to traditional surgical methods.

However, the market faces several challenges. The high cost of neurostimulation devices may limit their availability, especially in developing regions. Moreover, stringent regulatory approvals and the need for skilled professionals to operate these advanced devices pose significant obstacles to market expansion.

Recent market developments include Abbott’s FDA approval of spinal cord stimulation systems for the treatment of chronic back pain without surgery and Axonics gaining FDA approval for its fourth-generation rechargeable sacral neuromodulation system. These innovations highlight the continued efforts of key players to increase the effectiveness of devices and expand their application areas.

Overall, the global neurostimulation device market is poised for significant growth, driven by technological advancements and rising healthcare needs, despite cost and regulatory challenges.

Key takeaways

Market size: The global neurostimulation devices market has been valued at $11.1 billion in 2022, with an expected CAGR of 13% in 2023–2032.
Spinal cord stimulators: Had 51% market share in 2022, mainly used to treat chronic neuropathic pain.
Deep brain stimulators: Used in neurological disorders, especially effective in the treatment of Parkinson’s disease.
Sacral nerve stimulators: Used to treat conditions such as fecal and urinary incontinence.
Pain management: Dominant application segment due to high incidence of chronic pain disorders.
Treatment of epilepsy: A growing segment due to the effectiveness of neurostimulation devices and limited alternative treatments.
Hospitals: Led the end-user segment with 34% revenue share in 2022, leveraging established healthcare infrastructure.
Specialized clinics: Increasing acceptance of implantable neurostimulation devices, contributing to market growth.
Geriatric population: The increasing number of cases, especially cases of Parkinson’s disease, is increasing the demand for neurostimulation devices.
Technological progress: Innovations in deep spinal cord and brain stimulation technologies are significant market drivers.
Chronic diseases: Increasing prevalence of conditions such as migraine and epilepsy is driving the neurostimulation device market.
Risks and costs: Surgical risks and high costs of neurostimulation devices are significant market constraints.
Regulatory obstacles: Stringent device approval mandates limit the market growth potential.
Corporate Initiatives: Companies are focusing on initiatives to effectively combat Parkinson’s disease.
Technological progress: Rapid advances aim to address unmet medical needs, creating market opportunities.
North America: Had the largest market share (50%) in 2022, and the United States will lead the region.
Europe: Followed North America with 28% revenue share in the neurostimulation device market.
Asia and the Pacific: This is expected to be the fastest growing region in the neurostimulation device market.
Key players: Leading companies include Medtronic plc, Boston Scientific Corporation, Abbott Laboratories and other R&D companies.
Focus on research and development: Key players are investing heavily in the research and development of innovative neurostimulation systems.

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Key segments of the neurostimulation device market

By device type

Transcutaneous electrical nerve stimulation
Electric gastric stimulator
Sacral nerve stimulator
Spinal cord stimulator
Deep brain stimulator
Vagus nerve stimulator

By application

Epilepsy
Essential tremor
Pain management
Depression
Dystonia
Urinary and fecal incontinence
Parkinson’s disease Gastroparesis

By the end user

Hospitals
Specialized clinics
Medical clinics
Rehabilitation Centers

Key Regions

North America (USA, Canada, Mexico)
Western Europe (Germany, France, UK, Spain, Italy, Portugal, Ireland, Austria, Switzerland, Benelux, Nordic countries, rest of Western Europe)
Eastern Europe (Russia, Poland, Czech Republic, Greece, rest of Eastern Europe)
APAC (China, Japan, South Korea, India, Australia and New Zealand, Indonesia, Malaysia, Philippines, Singapore, Thailand, Vietnam, rest of APAC)
Latin America (Brazil, Colombia, Chile, Argentina, Costa Rica, rest of Latin America)
Middle East and Africa (Algeria, Egypt, Israel, Kuwait, Nigeria, Saudi Arabia, South Africa, Turkey, United Arab Emirates, rest of MEA)

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Analysis of key players

Medtronic plc is a dominant player in the neurostimulation device market, with significant market share due to its comprehensive product portfolio. The company’s offering includes spinal cord stimulators, deep brain stimulators and sacral nerve stimulators, which are widely used in the treatment of chronic pain, Parkinson’s disease and epilepsy. Technological advances and significant investments in research and development are driving Medtronic’s growth in this sector. The company’s focus on minimally invasive procedures is in line with the growing demand for such procedures due to the benefits of faster recovery and fewer complications.

Boston Scientific Corporation is a key competitor in the neurostimulation market, known for innovative devices such as the Vercise Deep Brain Stimulation (DBS) System. The company’s products are primarily used to treat chronic pain and neurological disorders such as Parkinson’s disease. Boston Scientific has leveraged its strong research and development capabilities to introduce cutting-edge technologies, contributing to its strong market presence. The company continues to expand its portfolio through strategic acquisitions and partnerships, strengthening its position in the neuromodulation sector.

Nevro Corporation specializes in providing high-frequency spinal cord stimulation systems, particularly the Senza system, which effectively treats chronic pain without causing paresthesia. Nevro’s focus on developing innovative neurostimulation therapies has positioned it as a leader in pain management solutions. The company has gained significant market traction due to the proven effectiveness of its products in clinical trials, which has led to their adoption among healthcare providers and patients seeking advanced pain management options.

St. Jude Medical, now part of Abbott, has a strong presence in the neurostimulation market with offerings such as the Proclaim XR SCS system. The company’s neurostimulation products are designed to treat chronic pain, improve patient comfort and improve overall quality of life. Acquisition of St. Jude Medical by Abbott has strengthened its neuromodulation product offering, enabling the combined entity to leverage R&D synergies and market reach to enhance its competitive advantage.

Abbott is a significant player in the neurostimulation market, providing advanced solutions for the treatment of pain and neurological conditions. The company offers a wide range of devices, including the Proclaim Plus SCS system, which uses BurstDR stimulation technology to mimic the brain’s natural patterns to provide effective pain relief. Abbott’s continued innovation and strategic expansion, including the integration of St. Jude Medical, strengthened its market position, enabling it to meet the growing demand for neurostimulation therapies.

Key players in the neurostimulation device market:

Medtronic limited liability company
Boston Science Corporation
Nevro company
Jude Medical, Inc.
Abbott
NeuroPace company.
NDI Medical limited liability company
Cochlear limited liability company
EndoStim Inc.
Electromedics Meditek Private Limited
Medical Center Limited Liability Company
Electro Care Private Limited
Synapse Biomedical Inc.
LivaNova, PLC
ElectroCore Inc.
Cyberonics limited liability company
Other key players

Scope of the report on the neurostimulation devices market >> Market value (2022): $11.1 billion || Projected revenues (2032): $36.5 billion || CAGR (2023–2032): 13% || Estimated base year: 2023 || Historical period: 2019-2022 || Forecast period: 2024-2033.

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